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The robust results came on the back of augmented top line, partially offset by a rise in loan loss provisions and higher operating expenses. Moreover, asset quality continued to show signs of improvement, while capital ratios remained impressive.

Also, non-interest income elevated 17% from INR22.15 billion ($403 million) in the year-ago period to INR18.92 billion ($344 million).

Operating expenses for the quarter totaled INR22.61 billion ($411 million), up 18% year over year. The increase was primarily due to the bank’s branch-network expansion. ICICI Bank has the largest branch-network among private sector banks in India. As of Dec 31, 2012, the bank had 2,895 branches and 10,040 ATMs.

Provisions for the reported quarter increased 8% year over year to INR3.69 billion ($67 million).

As per the Reserve Bank of India's guidelines on Basel II norm, ICICI Bank's capital adequacy was 19.53% and Tier-1 capital adequacy was 13.25% as of Dec 31, 2012. These were well above the minimum requirements of 9.0% and 6.0%, respectively.

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